Goldie-1 Production Testing Summary

Wellington, New Zealand – March 15,
2001-- --Indo-Pacific Energy Ltd. (INDX) advises that the
initial production test program of the Goldie-1 oil
discovery (INDX 100% on sole risk) has now been completed.
The 1,600m zone was produced through a succession of choke
sizes over a 32 hour flow period during March 9-10, and
performed consistently, with stable flowing pressures
throughout. During an 8 hour flow on a ¾” choke, the average
flow rate was 588 barrels of oil per day, with associated
gas at an average rate of 180,000 cubic foot per day, and
nil produced water.

Following a three day pressure
buildup, the well was reopened on March 14 to obtain
stabilised samples for refinery assay purposes. In the
subsequent flow period, average flow rates on a ½” choke
improved by about 15% on the original test, to a rate of
approximately 600 barrels per day, indicating the well was
still cleaning up and improving. The oil is a premium light
sweet crude, with low wax content and a pour point
temperature below 40 degrees F. The buildup pressure data
indicates excellent reservoir pressure maintenance and no
evidence for any discontinuities in the reservoir near the
well. Interpretation of 3D seismic data indicates that this
pool is likely to cover an area of about 0.8 sq km. A net
thickness of approximately 12m of oil bearing sandstones
has been intersected by the Goldie-1 well. All oil produced
during test has been transported to the oil export port of
New Plymouth and sold under contract.

The well has now
been placed in long term production on a ½ ” choke, and oil
will continue to be sold under contract at a price tied to
world parity for this grade of oil.

David Bennett : Chief
Executive Officer

Web site: http://www.indopacific.com

All statements in this release, other than statements of
historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and
events or developments that the Company expects are
forward-looking statements. Although Indo-Pacific believes
the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such
statements are not guarantees of future performance and
actual results or developments may differ materially from
those in the forward-looking statements. Investors are
cautioned that any forward looking statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in
the forward-looking statements.

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